Auto sales in 2024 have revved up by 8.7 percent, hitting more than 467,000 units sold against the more than 429,000 units traded last 2023.

But the said numbers for last year did not hit the “moving target” that the industry groups Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA)’s 500,000 units sold for 2024.

According to the joint CAMPI and TMA report for the industry performance in 2024, the total year-to-date (YTD) automobile sales reached 467,252 units by December, marking an 8.7 percent increase compared to the same period in 2023.

According to CAMPI president Atty. Rommel Gutierrez, the growth is reflected in the market share distribution, where passenger cars accounted for 25.85 percent of the market with 120, 770 units sold, a 10.5 percent rise from the previous year.

Commercial vehicles, which dominate the market with a 74.15 percent share, also saw an 8.1 percent increase in sales, posting a total of 346,482 units.

Further, in December 2024 alone, the industry recorded 42,044 units sold, a 2.8 percent month-over-month.

Gutierrez said the positive results in December reflect the continued strength of the industry, with strong growth in both passenger cars and key commercial vehicle segments.

He said the overall market remains on track to sustain growth into 2025.

Toyota Motor Philippines Corporation remains the dominant market player with a 46.66 percent share, followed by Mitsubishi Motors Philippines Corporation with 19.07 percent, Ford Group Philippines at 5.99 percent, Nissan Philippines, Inc. with 5.73 percent, and Suzuki Philippines, Inc. with 4.36 percent share.